For over a decade, the federal solar investment tax credit, more simply know as the ITC, has been a major catalyst for the solar industry's growth and one of the largest forces incentivizing solar installations across the nation. Thanks in part to the ITC, commercial solar adoption has increased exponentially. But now, this lucrative incentive is about to start getting much smaller.
2019 marks the end of the current 30% rate. In 2020, the ITC begins ramping down as part of a three-year decline toward a permanent 10% credit for commercial solar projects beginning in 2022. So, if you want the fastest and biggest return on your commercial solar investment, this is the year to act. Given the demand on solar installers in this final 30% year, the sooner you start your commercial solar project, the better.
Our good friends at SunPower put together this fantastic infographic that explains why you should act NOW if you want to claim the 30% tax credit. Claiming the full 30% will result in the biggest and fastest return on your commercial solar investment.
With the 30% ITC coming to an end, 2019 is surely the most important year for solar in more than a decade. Contact a member of our commercial solar team to schedule a consultation and start your solar project today!